UGL vs. XAUUSD=X

Last updated Apr 3, 2026

Compare and contrast key facts about ProShares Ultra Gold (UGL) and Gold Spot Price US Dollar (XAUUSD=X).

UGL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Gold Subindex (200%). It was launched on Dec 1, 2008.

Performance

UGL vs. XAUUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Gold (UGL) and Gold Spot Price US Dollar (XAUUSD=X). The values are adjusted to include any dividend payments, if applicable.

UGL vs. XAUUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGL ProShares Ultra Gold	9.85%	137.57%	46.36%	15.56%	-7.59%	-12.30%	39.04%	31.11%	-8.02%	22.50%
XAUUSD=X Gold Spot Price US Dollar	8.19%	64.75%	27.24%	13.14%	-0.25%	-3.50%	24.55%	18.77%	-1.71%	13.14%

Returns By Period

In the year-to-date period, UGL achieves a 9.85% return, which is significantly higher than XAUUSD=X's 8.19% return. Over the past 10 years, UGL has outperformed XAUUSD=X with an annualized return of 20.29%, while XAUUSD=X has yielded a comparatively lower 14.43% annualized return.

UGL

• 1D: -3.94%
• 1M: -17.59%
• YTD: 9.85%
• 6M: 32.96%
• 1Y: 88.49%
• 3Y*: 56.26%
• 5Y*: 34.59%
• 10Y*: 20.29%

XAUUSD=X

• 1D: -1.71%
• 1M: -8.10%
• YTD: 8.19%
• 6M: 21.27%
• 1Y: 49.22%
• 3Y*: 33.08%
• 5Y*: 21.93%
• 10Y*: 14.43%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

UGL vs. XAUUSD=X — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UGL

UGL Risk / Return Rank: 74
UGL Sharpe Ratio Rank: 80
UGL Sortino Ratio Rank: 74
UGL Omega Ratio Rank: 73
UGL Calmar Ratio Rank: 76
UGL Martin Ratio Rank: 68

XAUUSD=X

XAUUSD=X Risk / Return Rank: 89
XAUUSD=X Sharpe Ratio Rank: 93
XAUUSD=X Sortino Ratio Rank: 91
XAUUSD=X Omega Ratio Rank: 91
XAUUSD=X Calmar Ratio Rank: 84
XAUUSD=X Martin Ratio Rank: 87

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UGL vs. XAUUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and Gold Spot Price US Dollar (XAUUSD=X). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	UGL	XAUUSD=X	Difference
Sharpe ratio Return per unit of total volatility	1.60	1.61	-0.01
Sortino ratio Return per unit of downside risk	1.98	2.08	-0.10
Omega ratio Gain probability vs. loss probability	1.29	1.31	-0.02
Calmar ratio Return relative to maximum drawdown	2.40	1.93	+0.47
Martin ratio Return relative to average drawdown	8.01	6.72	+1.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UGL vs. XAUUSD=X - Sharpe Ratio Comparison

The current UGL Sharpe Ratio is 1.60, which is comparable to the XAUUSD=X Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of UGL and XAUUSD=X, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UGL	XAUUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.60	1.61	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	1.20	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.90	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.59	-0.18

Correlation

The correlation between UGL and XAUUSD=X is 0.96, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

UGL vs. XAUUSD=X - Drawdown Comparison

The maximum UGL drawdown since its inception was -75.93%, which is greater than XAUUSD=X's maximum drawdown of -44.69%. Use the drawdown chart below to compare losses from any high point for UGL and XAUUSD=X.

Drawdown Indicators

	UGL	XAUUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-75.93%	-44.69%	-31.24%
Max Drawdown (1Y) Largest decline over 1 year	-37.56%	-19.70%	-17.86%
Max Drawdown (5Y) Largest decline over 5 years	-40.23%	-20.81%	-19.42%
Max Drawdown (10Y) Largest decline over 10 years	-46.23%	-21.35%	-24.88%
Current Drawdown Current decline from peak	-28.77%	-13.69%	-15.08%
Average Drawdown Average peak-to-trough decline	-43.76%	-16.32%	-27.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.26%	5.67%	+5.59%

Volatility

UGL vs. XAUUSD=X - Volatility Comparison

ProShares Ultra Gold (UGL) has a higher volatility of 20.91% compared to Gold Spot Price US Dollar (XAUUSD=X) at 9.69%. This indicates that UGL's price experiences larger fluctuations and is considered to be riskier than XAUUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGL	XAUUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.91%	9.69%	+11.22%
Volatility (6M) Calculated over the trailing 6-month period	49.27%	21.25%	+28.02%
Volatility (1Y) Calculated over the trailing 1-year period	55.62%	23.73%	+31.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.73%	16.36%	+19.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.21%	15.04%	+17.17%